Goldman: S&P 500 Profit Surge Is Temporary Bump, Not Dot-Com Bubble

According to Goldman Sachs, the surge in corporate profits for S&P 500 companies is not a bubble, but rather a temporary acceleration. The State Street SPDR S&P 500 ETF Trust (SPY) saw extraordinary year-over-year growth of 51% in Q2 2026, with overall earnings rising by 26%. While some might view this as a sign of an 'earnings bubble,' Goldman disagrees.

Dougall Waters at Goldman Sachs argues that the current situation is different from the dot-com era. Instead of a prolonged period of high profits, he sees it as a temporary bump.